2015 was a very slow market and we even saw some areas declining. As per the nature of property though, some areas did increase in value. We currently have 15,189 properties on the market, a little up from earlier in the year but this is a normal recovery from the Christmas period. There is always a drop at this time of year because sellers tend to avoid having their property on the market over the busy Christmas season.
Property turn over on a percentage basis seems to be increasing based on the figures from the past four weeks, meaning the properties sold per thousand on the market is increasing. This can mean a rise in the market but in the case I feel we’ll need to clear some stock before this can happen. Generally we like to see 13,000 to 14,000 properties on the market.
Top selling suburbs for the week are Maylands, Balcatta, Dianella, Bassendean, Willetton, Canning Vale, Thornlie and Baldivis. These suburbs are generally priced between the $500,000 and $600,000 price range, which seems to be where the market is having the most turn over.
The rental market was extremely hot at the end of last year; there were a lot of properties on the market for rent. The number of properties available for rent has gone down, which is a good sign. The median house price has increased slightly but I see this as more of a stabilization.
The biggest gains have been in the land sales section of the market, with the median land price sitting at $297,750. I attribute this to lower stock levels, as developers haven’t been bringing out a great deal of new stock due to low demand.
As always I urge you to remember that there will always be areas that are increasing and areas that are decreasing despite what the market is doing as a whole. It really does come down to the individual property and deal.
If you’d like to learn more about making the most of the Perth Property Market come along to our free Property Seminar on the 8th of March at South Perth Library. For more details or to register your seat check out our events page.